For Immediate Release
Media Contact: Charla Jackson Peter
May 7, 2012
(502) 564-7630, ext. 454
Program helped over 1,500 Kentucky homeowners avoid foreclosure
Homeowners who lost their job due to the economy have a resource to
help them with their mortgage payments. The Unemployment Bridge Program
provides a forgivable loan to homeowners who have lost their job or had
a reduction in employment income through no fault of their own.
Over 1,500 homes have been assisted through the Unemployment Bridge
Program since it launched in April 2011. The program will pay a
homeowner’s entire mortgage payment for 12 months or up to $25,000,
whichever occurs first. Of the $25,000, $12,500 can be used for
reinstatement--all related fees and payments to bring the loan current.
“One of the biggest hurdles is educating the public that there truly
is a legitimate program available to assist them. There are so many
scams that homeowners think that this program is either too good to be
true or that it is difficult to qualify,” said Richard L. McQuady, chief
executive officer of Kentucky Housing Corporation.
Kentucky was one of 19 states and the District of Columbia to receive
funding for the Unemployment Bridge Program. The funding was made
available through the U.S. Department of Treasury’s Hardest Hit Fund®.
The program is available through the Kentucky Homeownership Protection
Center, which is administered by Kentucky Housing Corporation (KHC), the
state housing finance agency.
“There is still almost $92 million available for homeowners who
qualify,” said KHC’s Senior Director of Homeownership Brenda Walker.
“This federal resource, through innovative program development and
strong partnerships at all levels, has been helping the state recover
from the stress of foreclosures.”
Homeowners must meet certain requirements, including having no more
than two liens on the property, owing no more than $275,000 on the
property, and the mortgage must be with a servicer that has agreed to
participate in the program.
"The Unemployment Bridge Program was my last hope for saving my
house,” said Juanyatta Parks, from Elizabethtown, Kentucky. “I tried
many other programs to prevent foreclosure and none of them were
effective. The stress and anxiety from being unemployed was more than I
could handle, but when I started to receive letters stating that my
house would be taken from me...I felt helpless. I didn't know if the
Unemployment Bridge Program could help, but I submitted the required
documents and prayed for the best outcome. When I received the
notification that I had been approved and a closing date for the loan
was set, I was overjoyed! My children and I would not be homeless.”
Unemployed Kentucky homeowners can learn more about the Unemployment Bridge Program by visiting the Web site at www.ProtectMyKYHome.org
or calling (866) 830-7868. The Web site lists participating lenders,
explains how the program works and offers an online application to get
started. If the homeowner does not qualify, there may be other options
to help in the Kentucky Homeownership Protection Center.
For more information, contact:
Kentucky Housing Corporation | 1231 Louisville Rd., Frankfort,
502-564-7630; 800-633-8896 (KY only); TTY 711